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Calculate amount of michaels deduction for capital losses

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Reference no: EM131781740

In 2015, Michael has net short-term capital losses of $1,500, a net long-term capital loss of $27,000, and other ordinary taxable income of $45,000.

If an amount is zero, enter "0".

a. Calculate the amount of Michael's deduction for capital losses on his tax return for 2015.

b. Calculate the amount and nature of his capital loss carryforward.

c. For how long may Michael carry forward the unused loss?

Reference no: EM131781740

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